The Guam Amended and Restated Principal Underwriting Agreement is a legal document that outlines the terms and conditions under which variable annuity contracts and life insurance policies can be issued. This agreement is specific to Guam and governs the relationship between the insurance company and the underwriters involved in the issuance process. Under this agreement, the underwriters play a crucial role in the distribution and sale of variable annuity contracts and life insurance policies in Guam. They act as intermediaries between the insurance company and potential policyholders, facilitating the transactions and ensuring compliance with regulatory requirements. Keywords: Guam, Amended and Restated Principal Underwriting Agreement, variable annuity contracts, life insurance, issuance, underwriters, distribution, sale, policyholders, compliance, regulatory requirements. Different types of Guam Amended and Restated Principal Underwriting Agreements may exist depending on the specific provisions and variations required for different types of variable annuity contracts and life insurance policies. These types may include: 1. Variable Annuity Contract Underwriting Agreement: This type of agreement focuses solely on the underwriting processes and requirements related to variable annuity contracts. It may cover topics such as policyholder suitability assessments, investment options, surrender charges, death benefits, and riders or endorsements available. 2. Life Insurance Underwriting Agreement: This agreement specifically pertains to the underwriting procedures and guidelines for life insurance policies issued in Guam. It may govern areas such as policyholder risk assessment, medical underwriting, policy terms and conditions, death benefit provisions, and policy conversion options. 3. Combined Variable Annuity and Life Insurance Underwriting Agreement: In some cases, the agreement may encompass both variable annuity contracts and life insurance policies. This comprehensive agreement would address the underwriting requirements and guidelines applicable to both types of products, considering the unique considerations and regulations associated with each. It's important to note that the specific names and distinctions of these agreements may vary depending on the insurance company or organization involved. The details and provisions outlined in these agreements would be tailored to meet the regulatory and business requirements specific to Guam's insurance and underwriting landscape.
Guam Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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FAQ
Deferred variable annuities are hybrid investments containing securities and insurance features. Their sales are regulated both by FINRA and the Securities and Exchange Commission (SEC).
The reviewing and approval process must be done within seven days after the application has been submitted to the office of the supervisory jurisdiction. On the same note, registered representatives must inform their clients of vital information concerning deferred variable annuities.
Variable Contracts of an Insurance Company. This Rule shall apply exclusively (and in lieu of Rule 2341 ) to the activities of members in connection with variable contracts, to the extent such activities are subject to regulation under the federal securities laws.
While all annuities are regulated by state insurance commissioners, variable annuities and RILAs are securities and therefore are also regulated by the SEC and FINRA. Annuities are often products investors consider when they plan for retirement.
1035 Exchanges The Internal Revenue Service allows you to exchange an insurance policy that you own for a new life insurance policy insuring the same person without paying tax on the investment gains earned on the original contract. This can be a substantial benefit.
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.
05 Rule 2821 requires that the member or person associated with a member consider whether the customer has had another deferred variable annuity exchange within the preceding 36 months.
FINRA Rule 2330 (Members' Responsibilities Regarding Deferred Variable Annuities) establishes sales practice standards regarding recommended purchases and exchanges of deferred variable annuities, including requiring a reasonable belief that the customer has been informed of the various features of annuities (such as ...